The edtech space is one of the most buzzing sectors in the country. From bagging funding to valuations, the players in this sector have always managed to grab headlines
While the companies saw an uptick in revenues during Covid and a boom like never before, their financial statements suggest otherwise
Business Today collated a list of the top edtech companies that are loss-making
Despite being one of the most valued edtech companies throughout the world, BYJU’S reported a loss of Rs 4,588 crore for FY21. The company is yet to release its FY22 results
Edtech company Eruditus’s revenues jumped by around 87 per cent in FY22. The company’s revenues stood at Rs 1,848 crore. However, its losses ballooned to Rs 2,915.4 crore
Bengaluru-based Unacademy, which was recently in news for laying off 12 per cent of its workforce, reported a loss of Rs 2,848 crore in FY22
Vamsi Krishna-led edtech firm Vedantu also posted a loss of Rs 696 crore in FY22. Its revenues stood at Rs 169 crore
Mumbai-based upGrad, which is backed by Ronnie Screwvala, reported a loss of Rs 626 crore against a revenue of Rs 519.9 crore in FY22
The turbulence within edtech firms doesn’t seem to be ending anytime soon. Apart from reporting losses, players in this space are also combating the ongoing funding winter